Theeb Rent a Car receives ‘A-’ rating with Stable outlook

THEEB
4261 -3.75% 17.22 -0.67

Riyadh — Mubasher: Theeb Rent a Car Company has received a long-term investment-grade credit rating of ‘A-’ and a short-term rating of ‘T-3’ from Tassnief, a licensed credit rating agency in Saudi Arabia.

The agency assigned a Stable outlook to the company based on robust financial and operational foundations, according to a bourse filing.

The rating reflects the company's high creditworthiness and its ability to meet financial obligations.

Tassnief based its assessment on several key factors, including the company's extensive operating history, diversified revenue streams, and the scale of its geographic branch network.

The evaluation also highlighted the effectiveness of the corporate governance framework and the strength of the management team.

Commenting on this achievement, the CEO of Theeb Rent a Car, Naif bin Mohammed Al Theeb, stated: "We are proud that Theeb has received this credit rating, which represents a significant milestone in our journey.”

Al Theeb noted: “It reflects the company's solid financial and operational foundations and underscores the success of our strategy, which focuses on sustainable growth, operational efficiency, financial discipline, and strengthening corporate governance practices. It also serves as a testament to the confidence placed in us by our investors and partners."

The CEO added: "Receiving this credit rating contributes to strengthening our competitiveness and reinforcing our position in the Kingdom's car rental market.”

He concluded: “We will continue to focus on creating sustainable value for our shareholders and customers while capitalizing on the promising opportunities within the sector, in alignment with the objectives of Saudi Vision 2030."

Source: Mubasher Source: {{details.article.source}}